AHMEDABAD: Hardik Rana has a wedding coming up in the family early next year but the Ahmedabad entrepreneur is already out shopping for gold. And he isn't the only one hurriedly picking for the yellow metal over fears that the tax might go up once the Goods and Services Tax kicks in next month.
Generally bullion buyers wait for the Navratri, the nine-day period in September this year is considered auspicious for big purchases by Hindus. "But I am specifically here because we fear that the gold prices will go up following introduction of the GST," Mr Rana said, sitting in a jewellery shop with his shopping list.
Irrespective of how Saturday's meeting goes, most people fear gold prices would nevertheless go up.
"30 to 40 per cent increase in sales have been witnessed in the last month alone... People are hearing about the uncertainty about the tax structure and hence, want to buy early," Manoj Soni of Ahmedabad's association of jewellers said.
Generally bullion buyers wait for the Navratri, the nine-day period in September this year is considered auspicious for big purchases by Hindus. "But I am specifically here because we fear that the gold prices will go up following introduction of the GST," Mr Rana said, sitting in a jewellery shop with his shopping list.
Irrespective of how Saturday's meeting goes, most people fear gold prices would nevertheless go up.
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"30 to 40 per cent increase in sales have been witnessed in the last month alone... People are hearing about the uncertainty about the tax structure and hence, want to buy early," Manoj Soni of Ahmedabad's association of jewellers said.
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